Crude oil may witness some short covering as it can range of 2950-3050. The world's top oil producers "must take a decision" to stabilize prices, Algeria's energy minister said on Sunday ahead of an OPEC meeting on Wednesday in Algiers. Oil prices are already depressed after two years of oversupply amid deep disagreements between members of the Organization of Petroleum Exporting Countries.
Failing to agree on a production freeze could push prices even lower, Noureddine Boutarfa told reporters in Algiers. Hopes of a deal to limit production pushed prices above $46 a barrel last week, but they slid to $44.48 on Friday as investors' optimism waned. Venezuela and Iraq, which have been hard-hit by low prices, support the idea of a production freeze to boost prices. Natural Gas (Oct) may remain on positive path as it can move in range of 197-203 in MCX.
Courtesy: Smc Comtrade